Carbiz Inc. Secures Credit Facility of up to US $10,000,000

SARASOTA, FL -- (MARKET WIRE) -- March 26, 2007 -- Carl Ritter, chief executive officer of Carbiz
Inc. (OTCBB: CBZFF) ("Carbiz"), announced that Carbiz has finalized a deal
that will further assist in funding the expansion strategy of its auto
credit business. An up to US$10.0 million revolving "credit facility" has
been finalized with Colossus Capital Fund, L.P. ("Colossus") that will
provide Carbiz with a credit facility to grow its chain of used car
dealerships in the State of Florida.

Carl Ritter stated, "This next step provides us with the capital to launch
our expansion program without diluting the share value. We are very pleased
to be working with the folks at Colossus and will detail our expansion
plans in a subsequent announcement."

Under the terms of the Credit Facility and subject to the limitations set
forth below, Carbiz may borrow up to an aggregate of US$10,000,000, with
such Credit Facility to be funded in separate US$5,000,000 tranches by
Colossus. The Credit facility is secured by all of the assets of Carbiz
and its subsidiaries, and it matures in four years. Carbiz may borrow from
the Credit Facility up to the lesser of (i) the total amount of funded
tranches or (ii) the lesser of, (A) 58% of Carbiz's eligible receivables'
(as defined therein) principal balance, or (B) 100% of Carbiz's cost basis
of such eligible receivables. All borrowings under the Credit Facility will
accrue interest at 15% per annum. Commissions and fees payable to Colossus
related to the Credit Facility upon execution of the related documentation
totaled US$350,000, with an additional US$325,000, to be paid to Colossus
upon the release of the second tranche under the Credit Facility. The
Credit Facility also contains certain other penalties and fees payable to
Colossus under the terms thereunder. At this time, Carbiz may borrow
US$210,000 under the terms of the Credit Facility based upon its eligible
receivables.

A more detailed description of the Credit Facility, as well as a copy of
the documents related thereto, will be set forth in a current report on
Form 8-K filed with the SEC by Carbiz.

About Carbiz

Based in Sarasota, Florida, Carbiz is a leading provider of software,
training and consulting solutions to the United States automotive industry.
Carbiz's suite of business solutions includes dealer software products
focused on the "buy-here pay-here," sub-prime finance and automotive
accounting markets. Carbiz also operates "buy-here pay-here" dealerships in
Florida through its Carbiz Auto Credit division that are wholly owned or
joint venture companies. Capitalizing on expertise developed over 10 years
of providing software and consulting services to "buy-here, pay-here"
businesses across the United States, Carbiz entered the market in 2004 with
a location in Palmetto, Florida. Carbiz has added two more credit centers
since -- in Tampa and St. Petersburg -- and Carbiz seeks to expand its
operations in Florida in the future. For more information about Carbiz and
its services, visit Carbiz's web site: www.carbiz.com.

Forward-Looking Statements

All statements, other than statements of historical fact, in this news
release are forward-looking statements that involve various risks and
uncertainties, including, without limitation, statements regarding the
future growth plans and objectives of Carbiz. There can be no assurance
that such statements will prove to be accurate. Actual results and future
events could differ materially from those anticipated in such statements as
a result of known and unknown risks, uncertainties and other factors. Such
factors that could cause actual results and future events to differ from
those anticipated in such statements include, but are not limited to, the
market acceptance of Carbiz's Auto Credit Centers, the ability of Carbiz to
effectively deploy the funds received from the Credit Facility, the ability
of Carbiz to borrow additional amounts under Credit Facility, the
possibility that the penalty provisions could be triggered under the terms
of the Credit Facility which could be adverse to Carbiz, Carbiz's ability
to measure the default rate of its borrowers, competition, the impact of
any changes in applicable government regulation and general economic
conditions. These and all subsequent written and oral forward-looking
statements are based on the estimates and opinions of management on the
dates they are made and are expressly qualified in their entirety by this
notice. Carbiz assumes no obligation to update forward-looking statements
should circumstances or management's estimates or opinions change.